Investment Rating - The investment rating for the company is "Strong Buy," indicating an expected stock price increase of over 20% within the next six months compared to the market benchmark index [22]. Core Insights - The report highlights that the demand for domestic chips is expected to accelerate, with growth potential in both mature and advanced process chips in China, leading to an optimistic long-term outlook for the domestic chip and overall electronics industry [3]. - The company announced a sales revenue forecast of $2,207.3 million for Q4 2024, representing a 31% year-on-year increase, and expects a sequential revenue growth of 6% to 8% for Q1 2025, outperforming seasonal trends and market expectations [5][6]. - The gross margin for Q4 2024 is reported at 22.6%, with a 2.1 percentage point increase from Q3 and a 6.2 percentage point increase year-on-year. The company anticipates a gross margin range of 19% to 21% for Q1 2025, also exceeding market expectations [9][5]. - The net profit from non-controlling interests reached $163 million in Q4 2024, a 160% year-on-year increase, indicating significant improvements in advanced process revenue and profitability [17][5]. - The company shipped over 8 million 8-inch equivalent wafers in 2024, with Q4 shipments of 1.992 million wafers, reflecting an 18.9% year-on-year growth, although the growth rate is lower than revenue growth, suggesting that revenue increases are primarily driven by higher average product prices [5]. - Capital expenditures for Q4 2024 were $1.66 billion, with an annual total of approximately $7.33 billion. The company expects capital expenditures in 2025 to remain roughly the same as in 2024, focusing on advanced process expansion [5]. - The report notes that domestic AI models, such as Deepseek, are being adopted by nearly all computing chip companies in China, indicating a strong growth trajectory for domestic chip applications [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a record revenue of $8.03 billion in 2024, a year-on-year increase of 27%, exceeding initial guidance of single-digit growth [1] - Revenue from Chinese customers grew by 34% year-on-year, driven by local manufacturing demand and government consumption stimulus policies [2] - The company expects Q1 2025 sales revenue to increase by 6-8% quarter-on-quarter, with a projected gross margin of 19%-21%, reflecting a year-on-year increase of 5.3-7.3 percentage points [3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of $2.207 billion, a year-on-year increase of 31.5% and a quarter-on-quarter increase of 1.7%, marking seven consecutive quarters of growth [4] - The gross margin for Q4 2024 was 22.6%, up 6.2 percentage points year-on-year and 2.1 percentage points quarter-on-quarter [4] - The average capacity utilization rate for the year was 85.6%, an increase of 10.6 percentage points year-on-year [1] Market Outlook - The semiconductor market is expected to recover in 2024, with inventory levels among chip design companies returning to healthy levels [2] - The company anticipates that the sales growth in 2025 will exceed the average growth of comparable peers, with capital expenditures remaining stable year-on-year [3] Revenue Projections - Revenue projections for 2024 to 2026 are $57.796 billion, $67.043 billion, and $75.088 billion, with growth rates of 27.7%, 16.0%, and 12.0% respectively [10] - The net profit attributable to the parent company is projected to be $3.699 billion, $5.358 billion, and $6.989 billion for the same years, with growth rates of -23.3%, 44.8%, and 30.4% respectively [10]

Investment Rating - The report indicates a strong performance for the company, with a projected revenue of 57.796 billion RMB for 2024, representing a year-on-year growth of 27.7% [2] Core Insights - The company is expected to surpass UMC and GlobalFoundries, becoming the second-largest foundry globally, excluding IDM manufacturers like Samsung and Intel [2] - Despite a decline in net profit by 23.3% year-on-year to 3.699 billion RMB, the overall performance is considered better than expected [3][5] - The fourth quarter of 2024 showed a revenue of nearly 16 billion RMB, with a year-on-year increase of over 30%, marking the fifth consecutive quarter of growth [7] - The gross margin for Q4 2024 increased by 2.1 percentage points to 22.6%, attributed to an optimized product mix and a 6% rise in average selling prices [10][11] - The company provided guidance for Q1 2025, expecting a revenue increase of 6-8% quarter-on-quarter, approximately 17 billion RMB, with a year-on-year growth rate of around 35% [13] - The gross margin for Q1 2025 is projected to be between 19% and 21%, significantly higher than the 14.2% margin in the same period of 2024 [14] Summary by Sections Revenue Performance - The company reported a strong revenue performance with a total revenue of 57.796 billion RMB for 2024, a 27.7% increase year-on-year [2] - The fourth quarter revenue reached nearly 16 billion RMB, showing a year-on-year growth of over 30% [7] Profitability - The net profit for 2024 was 3.699 billion RMB, reflecting a 23.3% decline year-on-year [3] - In Q4 2024, the net profit was 999.3 million RMB, down 13.5% year-on-year, primarily due to decreased financial income [8][9] Capital Expenditure - The capital expenditure for 2024 is approximately 73.3 billion RMB, remaining stable compared to 2023 [23] - The expectation for capital expenditure in 2025 is to remain flat compared to 2024, indicating a sustained investment level in the semiconductor sector [18][30]

Summary of SMIC's Conference Call Company Overview - **Company**: Semiconductor Manufacturing International Corporation (SMIC) - **Fiscal Year**: 2024 Financial Performance - **Q4 2024 Revenue**: $2.207 billion, a sequential growth of 1.7% [4] - **Q4 2024 Gross Margin**: 22.6%, up by 2.1 percentage points sequentially [4][8] - **Q4 2024 Profit from Operations**: $214 million [4] - **Q4 2024 EBITDA**: $1.280 billion, with an EBITDA margin of 58% [4] - **Full Year 2024 Revenue**: $8.030 billion, a 27% year-over-year increase [10] - **Full Year 2024 Gross Margin**: 18%, down by 1.3 percentage points year-over-year [10] - **Full Year 2024 Profit from Operations**: $474 million [4] - **Full Year 2024 EBITDA**: $4.380 billion, with an EBITDA margin of 54.5% [4] - **Capital Expenditure for 2024**: $7.326 billion [4] Balance Sheet Highlights - **Total Assets**: $49.2 billion, including $15 billion in cash and cash equivalents [5] - **Total Liabilities**: $17.3 billion, with total debt at $11.6 billion [5] - **Total Equity**: $31.9 billion [5] - **Debt-to-Equity Ratio**: 36.4% [5] - **Net Debt-to-Equity Ratio**: -10.6% [5] Cash Flow Analysis - **Net Cash from Operating Activities**: $3.176 billion [6] - **Net Cash Used in Investing Activities**: -$4.518 billion [6] - **Net Cash from Financing Activities**: +$1.608 billion [6] Revenue Guidance - **Q1 2025 Revenue Growth Projection**: Expected to grow between 6% and 8% sequentially, with a gross margin projected between 19% and 21% [7][19] Market and Operational Insights - **Revenue by Region**: - China: 85% - America: 12% - Eurasia: 3% [10] - **Revenue Growth from Chinese Customers**: Increased by 34% year-over-year [11] - **Wafer Revenue**: - 12-inch wafers: 35% year-over-year increase - 8-inch wafers: 23% of total revenue [11] - **Application Segments**: - Smartphones: 28% - Consumer Electronics: 38% - Industrial/Automotive: 8% [11] Industry Trends and Challenges - **Market Recovery**: The semiconductor market showed a recovery trend in 2024, with inventory levels returning to healthy levels [9] - **Capacity Expansion**: Increased 14% in 12-inch wafer capacity [8] - **Geopolitical Impact**: Geopolitical changes have influenced supply chain strategies and localization demands [21][22] Strategic Focus Areas - **Technology Platforms**: Focus on analog BQD, CTS, and display driver ICs to drive revenue growth [13] - **Automotive Market**: Development of automotive-grade platforms to meet increasing demands [16] - **Market Localization**: Increased competition due to structural overcapacity, necessitating a focus on technological superiority and customer advantages [22] Conclusion - SMIC is positioned for growth in 2025, with a focus on expanding capacity, enhancing product offerings, and navigating competitive pressures while maintaining a strong balance sheet and healthy cash flow.

近期，看到两个现象：汽车等产业向国产链转移切换的进程从验证阶段进入到了起量阶段，部分产品正 式量产；在国家刺激消费政策红利的带动下，客户补库存意愿较高，消费、互联、手机等补单、急单较 多。 所以整体来说，一季度淡季不淡。 证券时报e公司讯，2月12日，中芯国际联席CEO赵海军在2024年第四季度业绩说明会上表示，2024年半 导体市场整体呈现复苏态势，公司做了充分准备，加快了产能扩充的节奏，进一步提升了平台的完备 性，国内客户的新产品快速验证并上量，使得公司在2024年四个季度收入节节攀升，全年增长超过年初 预期。 但与此同时，外部环境给今年下半年带来一定的不确定性，同业竞争也是愈演愈烈。 他表示，目前整体来看，客户产品库存相对健康。 公司会克服困难，努力做到最好。 ...

香港交易及结算所有限公司及香港联合交易所有限公司对本公告的内容概不负责，对其准确性或完整性 亦不发表任何声明，并明确表示，概不对因本文档全部或任何部分内容而产生或因倚赖该等内容而引致 的任何损失承担任何责任。 (于开曼群岛注册成立之有限公司) (股份代号：00981) 中芯国际截至 2024年 12月 31日 止 三 个 月 未 经 审 核 业 绩 公 布 除非以下额外说明，本合并财务信息系依国际财务报告准则编制且表达。 以下为本公司及其子公司(「本集团」)于 2025 年 2 月 11 日就截至 2024 年 12 月 31 日止三个月的未经 审核业绩公布全文。 除非特别指明，所有货币以美元列账。 中国上海 ─ 2025 年 2 月 11 日 ─ 国际主要半导体代工制造商中芯国际集成电路制造有限公司(香港联 交所股份代号：00981；上交所科创板证券代码：688981)(「中芯国际」、「本公司」或「我们」)于今日 公布截至 2024 年 12 月 31 日止三个月的综合经营业绩。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 国 际 集 ...

| A股代码：688981 | A股简称：中芯国际 | 公告编号：2025-003 | | --- | --- | --- | | 港股代码：00981 | 港股简称：中芯国际 | | 中芯国际集成电路制造有限公司 关于与大唐控股订立2025年框架协议暨 关联（连）交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、2025年框架协议概况 谨此提述本公司日期为2022年2月10日及日期为2022年5月12日的公告，内 容有关订立2022年框架协议及修订2022年度的年度限额。由于2022年框架协议 已于2024年12月31日届满且本公司拟继续进行其项下的交易，本公司宣布，于 2025年2月11日与大唐控股就持续关连交易签订2025年框架协议，自2025年1月1 日起为期三年。 （一）主要条款概要 | 订约方： | (1) 本公司；及 | | --- | --- | | | (2) 大唐控股 | | 签立日期： | 2025年2月11日 | | 有效期： | 自2025年1月1日起至2027年12月31日止三年 ...

| A股代码：688981 | A股简称：中芯国际 | 公告编号：2025-002 | | --- | --- | --- | | 港股代码：00981 | 港股简称：中芯国际 | | 中芯国际集成电路制造有限公司 2024年第四季度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 特别提示： 本公告所载的中芯国际集成电路制造有限公司（以下简称"公司"）财务数 据为初步核算数据，未经会计师事务所审计，具体数据以公司2024年经审计的 年度报告为准，提请投资者注意投资风险。 本公告财务数据按中国企业会计准则编制并呈列。 本公司已于上海证券交易所及香港联合交易所同步披露依国际财务报告准则 编制的未经审核业绩公告，提请投资者注意与本公告区别。 1 一、2024 年第四季度主要财务数据和指标 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素。 2024 年第四季度报告期内，公司实现营业收入人民币 15,916.9 百万元，较 上年同期增长 31.0%；毛利为人民币 3,357.2 ...

Group 1 - The core point of the article is that SMIC (688981) has signed a framework agreement with Datang Holdings for a three-year period starting from January 1, 2025 [1] - The agreement includes chip processing services, with pricing to be determined based on reasonable market prices through equal negotiation [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 133.59 CNY, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is expected to outperform market expectations due to strong AI demand and the effects of order transfers, particularly benefiting from the domestic AI wave and advanced process manufacturing capabilities [2][4]. - The report anticipates that the company's revenue will reach 56.72 billion CNY in 2024, 65.70 billion CNY in 2025, and 73.52 billion CNY in 2026, with net profit projections of 4.02 billion CNY, 5.96 billion CNY, and 7.30 billion CNY respectively [5][12]. Summary by Sections Company Overview - The company is positioned as a leading domestic foundry capable of mass-producing advanced processes, which is expected to provide a high bargaining power in the market [2][4]. Market Trends - The global data center capital expenditure is projected to significantly increase, with major companies like Google, Amazon, Meta, and Microsoft planning substantial investments, which will benefit the company [2][3]. Financial Projections - Revenue growth rates are forecasted at 25.34% for 2024, 15.83% for 2025, and 11.92% for 2026, with EBITDA expected to rise from 26.70 billion CNY in 2024 to 41.61 billion CNY in 2026 [5][12]. - The company's net profit margin is projected to improve, with net profit expected to grow by 48.40% in 2025 and 22.37% in 2026 [5][12]. Strategic Positioning - The new U.S. semiconductor policies are expected to create a favorable environment for local production, leading to increased order transfers back to the company, enhancing its operational performance [4][5].